With insurance regulatory reform legislation pending before Congress, the Big “I” sent letters to Capitol Hill supporting reform of the Federal Insurance Office and the Consumer Financial Protection Bureau.
As Congress examines the effects of the new tax law on small businesses and the economy, the Big “I” weighed in at a recent hearing to raise concerns about how the law applies to independent agents and brokers.
President Trump signed the legislation into law after it passed both the U.S. House of Representatives and the U.S. Senate with strong bipartisan support.
Late last week, the U.S. House of Representatives voted down H.R. 2, “The Agriculture and Nutrition Act,” by a vote of 198-213.
Because advances in auto technology are expected to have a significant impact on the U.S. insurance market, the House Financial Services Committee’s Subcommittee on Housing and Insurance recently examined the development of autonomous vehicles.
The discussion addressed the resiliency of insurance agencies following a cyberattack, best practices for protecting personal information, and the appropriate role of the private sector and federal and state governments in managing cyber risk.
Controversy related to the supplemental nutrition assistance program and other issues, including crop insurance and subsidies for commodities such as sugar, are making it hard to predict how the final vote will turn out.
A key provision of the new tax law allows for a 20% deduction on “qualified business income” for owners and shareholders of pass-through businesses. But it is unclear whether insurance agencies and brokerages will qualify.
Last week, the Federal Housing Administration proposed amending the agency’s rules to allow the use of private flood insurance on FHA-backed loans in Special Flood Hazard Areas.
The Big “I” expects that as the 2018 Farm Bill moves through the legislative process, Congress will consider amendments that could be harmful to the FCIP.